Republican Rubio to offer bill on new education financing vehicles

By Caren Bohan and Julia Edwards WASHINGTON (Reuters) – Republican Senator Marco Rubio, a possible 2016 White House contender, will unveil legislation on Wednesday to broaden the use of financial vehicles known as “income share agreements” that students can use to fund their higher education costs. Under the agreements, which are marketed as an alternative to traditional student loans, private investors or organizations provide students with financing for their education costs in exchange for a percentage of their future earnings. “The same way that private investors invest in a business idea, they could invest in a person who basically says: ‘This is who I am. This is what my career goals are. Some companies including Upstart, developed by former Google employees, and Pave already offer the financial instruments.